tennessee realtors

WASHINGTON (AP/WMOT) — Average U.S. rates on fixed mortgages have fallen to fresh record lows for the second straight week. The declines suggest the Federal Reserve's stimulus efforts are having an impact.

Mortgage buyer Freddie Mac says the rate on the 30-year loan dropped to 3.36 percent, the lowest rate since long-term mortgages came into use in the 1950s.

The Fed is spending $40 billion a month to buy mortgage-backed securities. The goal is to lower mortgage rates and help the housing recovery.